Green Co. constructed a machine at a total cost of $71.30 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $4.10 million. At the beginning of 2021, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? 2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet < 1 Record the entry relating to the machine for 2021 using straight-line method. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Green Co. constructed a machine at a total cost of $71.30 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $4.10 million. At the beginning of 2021, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? 2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet < 1 Record the entry relating to the machine for 2021 using straight-line method. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dd.62.
Transcribed Image Text:Journal entry worksheet
1
Record the entry relating to the machine for 2021 using sum-of-the-years'-
digits method.
Note: Enter debits before credits.
Event
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
< Prev
5 of 20
#
M
Transcribed Image Text:Green Co. constructed a machine at a total cost of $71.30 million. Construction was completed at the end of 2017 and the machine was
placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits
method. The residual value is expected to be $4.10 million. At the beginning of 2021, Green decided to change to the straight-line
method.
Required:
1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021?
2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income
taxes, what journal entry(s) should Green record relating to the machine for 2021?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places
(i.e., 5,500,000 should be entered as 5.50).)
View transaction list
Journal entry worksheet
< 1
Record the entry relating to the machine for 2021 using straight-line method.
Note: Enter debits before credits.
Event
1
General Journal
Debit
Credit
>
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